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Foreclosure in 34293 : Real Estate Advice

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  • Local Info7
  • Home Buying5
  • Home Selling1
  • Market Conditions2

Activity 5
Tue Dec 20, 2011
Ron Thomas answered:
Deed in Lieu is an exchange of the Deed for the Debt: The Bank is agreeing to disolve and forgive the Debt in exchange for a quick resolution: Be sure to get a letter from them saying that the Debt is paid in full, and that they will not come after you for the Deficiency!
If you do it right, they will not sue for the Deficiency.
It hurts your credit a little but not nearly as bad as a Foreclosure.
No, according to the Debt Forgiveness Act of 2009, the IRS will not seek taxes on the paper gain.
You probably should involve a professional in this process, either a Realtor or an Attorney; it is too important.

Good luck and may God bless
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Sun Feb 20, 2011
Jackie Robertson answered:
Nationally, a record 2.9 million properties — a 2 percent jump from 2009 — were flagged with foreclosure filings in 2010. Statewide, the numbers dropped more than 6 percent to 485,286 from 516,711 last year, according to a RealtyTrac report

From Foreclosures.com, here is current information on Florida.
Updated: 02/19/11 6:31 PM
Preforeclosures: 73,898
Short Sales: 72,920
Sheriff Sales: 7,328
Foreclosures: 56,961
Bankruptcies: 22,311

Hope this information is what your were looking for. Please call me if you need additional information.

Jackie Robertson
941-926-7000
Prudential Palms Realty
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Sat Feb 19, 2011
Dallas Texas answered:
You can check county tax records will provide property owner name if foreclosure process been completed
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Sun Mar 9, 2008
Lisa Hill answered:
Phyllis, Are you asking the people at Trulia for this, or do you need a REALTOR to help you? I could be wrong, but I don't think Trulia sends information, as you're asking. That's a REALTOR's job. ... more
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Fri Nov 23, 2007
Jim Walker answered:
You asked a very good question. A Realtor has more leeway in his or her choices of comps for a market analysis or broker price opinion than an appriaser does.

The new condos could have closed at a higher value than todays market value because the buyer had a non-refundable deposit. For example if the buyer had a sunk cost (non -refundable deposit of $50,000; the contract and closing price was $300,000. --- It would made economic sense for the buyer to accept delivery of the condo even if the market value had dropped all the way down to $260,000.

So while that transaction made sense for that particular buyer, the sale recorded at $300,000 does not justify a valuation of another unit at the $300,000 price.

A proper valuation estimate would explain in the narrative and in the valuation columns the higher price due to the buyers sunk costs
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